Only those coal mines, which have been explored, would be put up for auction, as per the government. However, of the 54 coal mines identified to be allocated through auction route, only 12 have been explored. Though, the government has not given any time frame for conducting auction of these blocks but Coal Minister Sriprakash Jaiswal had earlier said that auction of coal blocks would not be possible this year because of the long process involved in it. In related development, the Coal Ministry has sought the expertise of Finance Ministry with regard to the bidding documents for selection of mine developer and operator for certain Coal India mines.
Earlier, CAG had estimated that undue benefits to the tune of Rs 1.86 lakh crore might have accrued to private firms on account of allocation of 57 mines to them without auction, though this loss figure has been questioned by the government.
On state level, Jharkhand State Mineral Development Corporation (JSMDC) has requested the Prime Minister and the Union Coal Ministry not to cancel the coal blocks allotted to the state-run public sector company. Among the allocated eight mines, the state government had earlier decided to form a joint venture with private sector companies. Jharkhand had received allocation of 50 coal blocks during 2006 and 2011. The Ministry of Coal had earlier issued a warning to JSMDC that if the coal blocks were not developed immediately it would face cancellation. The Coal Ministry had also issued letters to 6 prominent private companies asking to develop the coal blocks allocated to them immediately.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: